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Commonwealth Bank NetBank Saver

Commonwealth Bank NetBank Saver

2.9 from 43 reviews

Interest grabbers

Interest rates with this bank is set at a low .50 percent there a pack of thieves my interest has gone right down to half am looking at taking every cent out of this bank, I have been a loyal customer since I was at school, what is going on with our banks, the interest they give on your money is pathetic, all reviews on other banks are the same, is there any honest banks out there, as all banks cant be trusted, royal commissions, fraud, and ripping customers off, sack the 4 big banks.


The worst savings account ever

They closed my NetBank Saver without any warning at all so I complained to them but they totally ignored me and they were very rude to me and to my Mum as well.


The Last Straw

CBA Netsaver used to have a decent interest rate but somehow it declined to .5%. If you tell the bank that you want more they will give it to you but why should you have to ask. They must assume that most customers won't ask. I am therefore moving all of my accounts to MOVE bank who have far superior accounts.


My interest goes down every month!

I started the account last year and my deposit amount had increased gradually now to more than double as I put my earnings in this each week. I have noticed I received about $8 as my monthly interest back then but now I notice my interest is $4. What the hell? I deserve more than that. How does the interest go down as the deposited balance grow? They lure us in to opening an account with a higher rate and sneakily reduce the rate later.


Being Forced to join NetBank

I would like to know why i am being forced to join NetBank when I'm making a purchase on the internet. I got to my favourite site to make a purchase and was greeted by a NetBank letter through Checkout.
Saying ''i can't make the purchase without first joining NetBank, this is and has nothing to do with the internet site as i have told them and sent them a screenshot. Your Credit card is recognised as "CW" and then your jammed from making that purchase until you join which i will never do in a Million Years.
I like the bank but i do not like internet banking with the stories of people who have been relieved of there savings by unsavoury characters and this is common knowledge, You only have to google it.
I make internet purchases on an almost regular basis large and small and have never had a problem, We don't want to see you NetBank when were making purchase so stop hassling us, If we want to join you NetBank we'll contact you not the other way around.


Not good enough !!

After giving away my laziness i just realised that it has the lowest interest rates in Australia. There are many banks out there with better interest rate on savings accounts and with same level of customer service(which is honestly quite good)


No BPAY. No Automated transactions. No Online Transactions.

It does not an alternative of the transaction account. I cannot pay my bills online, I cannot set direct debit for my loan or credit card payment online. I cannot do anything with my money in this account. Even transfer of my money from this account to transaction account happens after a day. So if I need money in an emergency my money cannot be helpful to me. ANZ's Online Saver is quite better.


1.05% is incredibly low

Commonwealth savings accounts have incredibly poor interest rates and always seem to be reducing much quicker that other banks. They offer a reasonable interest rate to get you to open account (eg 2.5% and then drop this to 1.05% within 3 months). Other banks are offering 3% with no drop. Go elsewhere.


Interest rates are pathetic

As far as I'm concerned I'm looking at another bank to invest my money 20thousand 18 dollars interest for the month you are a pack of rip offs this is pathetic no wonder your bank makes a fortune ripping off customers. You are a pack of thieves net bank sucks and so do you thumbs down to the greediest bank.

July 27th 2017 Update: Commonwealth bank ripping off clients on interest in there netbank savings only paying 1.2 percent

I believe the interest rates payed on our netbank saver account is a complete rip off from 7.5 percent interest to now 1.2 percent I'm taking all my money out of this bank they are rip offs.

March 9th 2018 Update: Interest rate pathetic on netbank

I invested a large amount of money to my account I was getting 2.50 interest now it's dropped down to .80 percent i will be taking my money out pack of thieves.

June 16th 2018 Update: Interest rate drop to .80 pathetic

Commonwealth bank has dropped my interest rate on my netbank saver down to .80 this is pathetic as I was getting 2.05 still not enough for the money I have in there bank looking at going to another bank that cares for there customers because this bank doesn't loyalty has gone from this bank.

August 4th 2018 update: Updates and lower interest

I'm tired of the commonwealth bank always doing updates and paying low interest on netbank accounts lift your game and stop dropping interest rates on customers money was going to the other bank got a better interest rate offered but after seeing what this bank did to the farmers wouldn't go there I'm still searching as the commonweath are into make money on your money and are paying the lowest interest .80 if you have a large sum they will offer you a high interest to get you in then it drops dont trust them

1 comment
Who is the best bank for interest

Shockingly low credit interest rate

BEWARE! The credit interest for NetBankSaver has dropped steadily even though there have been no changes to the Reserve Bank Rate. The rate is now 1.05% which is shockingly poor. You can get double to triple this rate at a number of other institutions.

1 comment
CBA should remove the word "Saver". Interest rate is now only 0.5%. What a joke!

The difference between 0.25% and 0.30% or how to get a bonus with a rate cut

Checked my interest rate last week and it was 1.8%. After the RBA rate cut of 0.25 % I checked and I find CBA reduced the interest not only by 0.25% but by 0.30 %. Or in other words I copped a 20% "Bonus" of the .25% RBA rate cut. Better to see the branch tomorrow and get my money out in cash as long as CBA has any.


You set me at ease.

Spoke to a Commbank representative about an internet scam getting a hold of my card details. [Name removed] who I spoke to on the phone was so reassuring and helpful! Thank you so much for your patience and reassurance, such a positive experience! Thank you, thank you, thank you!!


Where's my money

I had to transfer a large amount of money from my netbank saver account to a pension security so I could get a bank cheque drawn to pay the deposit on my nursing home room. After transferring the money the teller was still unable to draw me a bank cheque even though there was more than enough money in my account. The reason was given that because of the large amount the banks policy was to not release the funds for security reasons until the next day. So I had to wait a day. It is my money and they refused to give it to me. Did they invest the money over night in their name and get the interest while making me wait to get what was mine?? The bank says you have instant access to money in your Netbank saver account 24/7 so why did they want me to move it to the other account in the first place? What a load of rubbish!


Shabby customer service.

Recently I escorted my aging Mum in law to her branch, as she'd lost her passbook. after a 40 minute wait in line for a teller, we were advised that he could not assist us and we'd need to see one of the CSO's at the front counters. Another 25 minute wait ensued, only to find out that they also could not assist us either, as we'd need to speak with the CSO at the very front of the bank. Speaking with her, she advised that we'd need to speak with a teller, as she could not assist. Get it right, people!! After explaining that we'd already been fobbed off twice in the last hour, she reluctantly organised another bank officer to assist. So finally, after 1hour and 20 minutes, we walked out with a new passbook. This branch shows little regard for their bread and butter customers, but appears to want to attract only large accounts.
This same branch told my mum in law outright lies some time ago, to have her transfer monies from her passbook account into a term deposit, did not advise her when the term had been reached, but rolled it over again and again, and made it extremely difficult for me to access her money back again at term completion.

Very dodgy business practices. I wonder how many other elderly are preyed upon by this bank?
Very, very little.
Interminable queues at peak times, with only two tellers on duty.


Misleading information

I went to the trouble of opening this account online and then had to go to the branch for identity check. It was only at this stage that I found out I also had to open a transaction account, although I did not want to make any transactions other than to move money into and out of the account. The transaction account has fees. On returning home I checked their website and it clearly states that the net bank online account has 0 fees. In another section it does state that you can have a linked transaction account but it is not clear that this is mandatory and it definitely makes no mention of any fees. Besides the misleading info there are many similar accounts where you do not need to pay any fees and I now have an ING and Citibank one. I recommend the ING Orange where you can use any banks ATM for free, for withdrawals of $200 or more and their website is brilliant.

Misleading infor on website


Loyalty isn't deserved

I totally agree with the comments re the Commonwealth. They were giving loyal customers higher rates if you asked, so I did for many years. The last time we were told it's not the customers that matter now but the shareholders and profit is the name of the game. We asked why they spent so much on advertising and special rates to obtain new customers when they were going to loose loyal ones in the process. They couldn't provide an answer and the staff members we spoke to seemed embarrassed by the banks attitude. Sadly their are few companies that reward loyalty, so loyalty isn't deserved. They rely on laziness and inconvenience in the hope it deter people from leaving, as do insurance companies.
Account is convienient
The banks attitude is poor.and there are far better rates out there.


cba do not reward loyal customers

We have had netbank saver accounts with high balances for at least 2 years now, and have only ever banked with cba for fifty years.Until December 2011 have continued to give us the bonus rates. They flatly refuse now, so we have just taken a large sum to the ANZ who are giving a whole 1.25% more on our money,in a netbank saving account. Our large term deposits, maturing soon will also be "walking". This stance they are taking does not make any sense at all. Why would they be prepared to lose hundreds of thousands from a loyal customer in order to gain other smaller (possibly) amounts from new customers?

Does anyone have any ideas on this?

1 comment
I called Commonwealth today and they said no to me as well. They told me they no longer do it. I guess I will be moving all my funds over to St.George or ANZ! Bye Commonwealth!

Very happy with NetBank Saver

I signed up for the NetBank Saver a few years ago and have been very happy. Essentially NetBank Saver is a free account that you can link with a different CBA transaction account (which charges monthly fees etc.) The NetBank Saver offers the standard variable rate for your interest. But they often have limited time promotion, if you sign up for a new NetBank Saver account within a certain period of time, you will get an even higher rate. Once I dropped by a CBA branch (for queries irrelevant of the NetBank Saver account), a customer service officer offered me a rate upgrade for long time customers, so i had a high rate that normally only new customers would get. Of course the high rate was temporary, but it was still nice.
High interest, free


Bad

It's a pretty basic product. A bucket to stick your savings in and earn minimal interest, you probably only end up slightly above inflation. Other than having online access to your funds, it honestly doesn't offer much more than stuffing your money under a mattress would.

Lacking in features, inflexible transaction processes, after two years I am now shopping for a superior product. I think most discerning customers would find this a rather lack-luster offering overall.
Convenience and reliable access to my funds. I stick my wages in there and i can get at them, guess that's a pro.
The inability to schedule transactions from this account is ridiculous. Feels like the bank thinks I am an idiot that can't be trusted with my own money. The reality is that I am a busy person who does not want to waste time logging in and out of Netbank to shift dribs and drabs of cash back and forth between accounts. I don't want to schedule deposits into a savings account, I want to put ALL my money into savings and schedule withdrawals to a transaction account, that way i can really budget my spending every month and maximise my interest earnings.


Good

The Commonwealth Bank NetBank Saver is an excellent account to have if you are an internet buyer/seller. It is a more secure option as a secondary, additional account if you are an online seller (not that any online banking is secure, but as secure as one can hope for!), such as with Paypal etc, preventing one from having to give unknown companies ones principal account number; i.e. if you are cheated you don't lose absolutely everything! This is an account that can only be accessed by transferring the money directly out of it and into your main account. Designed as a savings account, this makes an excellent holding account and secondary direct debit/deposit account for online transactions particularly as it has no monthly fees.
It's free. It's secure to use for online money transfers, deposits and direct debits.
Nothing. Having to transfer money to other accounts to be accessible via card/eftpos can be a bit of a nuisance, but a good preventative to on-spec spending.


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Questions & Answers

Once I delete my netbank savings account will any of those transactions still print out in my smart access account transactions
2 answers
Yes.How come you can still get transactions details for up to two years then

How can I delete my netbank savings account online
1 answer
just ring 132221 and ask them to close it for you.

If I close my net bank account are all transaction details deleted of the system forever
2 answers
Yes, they are.So nobody can requests my details through the bank is that right

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